19 Jul 2022, 12:10 — 8 min read
In this article we will address various aspects of filing Income Tax Returns (ITR). What does ITR stand for or what is ITR? Why should you file ITR? With this let's mention how to download the ITR Form? A complete understanding of different ITR forms and ITR Slabs. What are the Documents required to file ITR? A step wise process on how to file ITR in AY 2021- 2022. Let's also give an idea if it's possible to file an ITR without form 16 and steps to do so. Also discuss the penalties for Late ITR Filing.
Taxpayers use an Income Tax Return filing to report their income, expenses, tax deductions, investments, and other financial obligations. You can file your income tax through the income tax portal as set up by the Indian government. In this blog, the entire process of ITR is decoded into simple steps.
An income tax return is a form used to record a taxpayer’s annual income to the IT office. There are various reasons for ITR filing, even if you do not have any taxable income. Taxpayers also use an income tax return to declare their taxes. Following the Income Tax Act of 1961, a taxpayer is required to file an income tax return in various circumstances.
To record his income for a financial year, carry forward losses, claim an income tax refund, claim tax deductions, and other purposes, a taxpayer may need to file their income tax return with the Internal Revenue Service.
According to Indian tax legislation, if your income exceeds the basic exemption amount, you must file an income tax return. The rate of income taxation is predetermined for taxpayers. A delay in filing returns will not only result in late filing fines, but it will also reduce your chances of obtaining a loan or a visa for a trip. And don’t forget that the last date to file ITR for AY 2021-22 is 31 July 2022.
Income tax is only required to be paid by individuals or corporations who fall into particular income bands. Entities or businesses that are obliged to file their IT Return in India are listed below:
Go to the www.incometax.gov.in portal to begin the process
Let’s go through the exact steps of how to file IT Return in the steps given below.
The taxpayer should calculate their TDS amount based on the TDS certificates they have received for each of the four quarters of the financial year and total it. Form 26AS provides the taxpayer with a summary of the TDS and tax paid during the financial year, which is helpful.
The taxpayer must determine which income tax form is required to file their income tax return. Following the determination of the income tax form, the taxpayer can proceed with the filing of the income tax return with the IT. There are two options for submitting paperwork: online and offline.
If we consider the online mode, it is important to understand that
The offline version (which involves producing XML and uploading it) is available for all types of income tax forms.
Follow the steps below to download IT Programme from IT’s website
Once you have downloaded the offline utility, enter the appropriate information about your Income Tax Return Last Date and check the amount of tax payable or refund recoverable, It will be based on the utility calculations, as applicable. The details of the income tax challan can be entered into the form that can be downloaded.
Once the Income Tax Return Last Date is filled, on the right-hand side of the downloaded form, you can see a few buttons that you can use. To check that all essential information has been entered, click on the ‘Validate’ button.
To convert the file into an XML format after it has been successfully validated, select it and click on the ‘Generate XML’ button located on the right-hand side of the file.
Follow the steps given below to upload the XML file to the income tax portal.
Also read: 5 common mistakes in filing Income Tax Returns
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